The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-12-19
THE BIG METAL BOOM.
Wild Gambling in Copper That is At
tracing Attention.

NEW York, Dec 1.-THE wild gambling
in copper in New York and London is at
tracing more and more attention as tn,
price mounts higher and higher under the
manipulations of the French clique, com
posed partly of Paris bankers, who contro
The situation. Ingot copper usual sells at II
to l2c. pound, but it is now IKE, a rist
of $40 ton, bringing the price up to S35(
a ton. A year ago copper was worth IL
London little less than 5000 ton, now il
commands 1860. The principal bull point
on the market is that the consumption ha:
overtaken and now exceeds the production
1t was on this point that a French syndicate
said TO repre- sent the capital of $50, 600, 900
took hold of the market. The fire las
spring in the Calumet and Hecla mine in
the Lake Superior region, had very inn
portant bearing on the speculation for the
reason that it is the largest copper mine in
the country and this accident reduced the
supply. The mine is capitalized at 50, 800,
O0O, has 100, 900 shares of the par value OF
S25, but the stock sells at about 800; at
different periods it has assessed the stock
holders 81 200, 900, but has put in dividends
within some twenty-five years of existence
81, $50, 600, the last dividend being IS a
share, last July, 1t is pet stock in Boston
that hotbed of copper stock gamblers, but
New orkers seldom NEEDLE with it. The
Frenchmen have rubbed their hands with
satisfaction at the repeated fires and acct
dents at the Calumet mine within the past
year, for the reason that they seem to leave
them clearer field for their campaign
AGAINST the bears in London and New York
Yet the Michigan mines, nevertheless, make
very good exhibit of production for the
year, and it is worth while to note a few
facts which it is needless to say the corner
makers would Like 20 have kept as quiet as
possible. The Calumet and Hecla mine in the
eleven months of this year produced
21,O4S tons of ore-75 per cent. copper
which shows a decrease compared with
the same period last year of only 1900 tons
and is less than 600 tons behind the same
period in 1885. The production of the seven
principal mines of Michigan, the chief
source of supply, for eleven months of this
year was Al 400 tons, OF only /, 300 tons less
than for the same period last year and act
ually nearly 4 900 tons more than in the same
period two years ago.
EVERY EFFORT is MADE TO BRING IN OUT.
sIDERs,
and Wall street operators and people in
Boston and elsewhere in New England are
Interested i'll the speculation. The syndicate
have little Frenchman here named Men
del, who is primed to the eyes with bull
pOluuSs tlCDo as Oll6li lOlA6l9 ulSCOulS6S NOlu-
bly, in bad English of the merits of the
situation, and of course denies that there is
any corner. 1t recalls the fact that F. ID.
Armour never knew anything about a
corner, even when he was squeezing
the shorts till their tongues ran out.
There was simply good demand for the
stuff"
The rise in copper threatens to have very
serious effect on manufacturing interests.
Manufacturers have stopped the manufac-
ture of many useful articles composed of
that metal. 1t is one of the most useful
that we have, as well as one of the Oldest,
deriving its name from Cyprus, where it
was first obtained by the Greeks. 1t is pro-
duced very largely in Chill, and in London
the standard quotation is for Chill bars. Ii
is also found to some extent in Cuba and
Australia, but their production does not in
fuence the markets. 1t is abundant in the
Lake Superior region and in some places the
vein is 2 feet in thickness. 1t is of interest
to observe that the mines of that region
were worked long before the arrival OF
Europeans ON this continent, as scientists
have discovered, but m dern operations
there were not begun till about forty years
ago.
BRoKERIN SPEAKING OF THE EFFECT
of the rise in copper on manufactures. said
There will | e no sugar pans made for the
retinerieS at these prices, no whisky stills or
boilers and the effect in the manufacture OF
other articles will be quite as marked. An
other thing, the manufacturers have been
caught in trap. When copper began to
rise SO rapidly they thought they would
be smart and sell out their surplus supply
at the Metal Exchange, and trust to the re
sumption of full operations at the Calumet
mine to secure all they wanted at lower
prices. They have unloaded the price keeps
going up and they are caught"
Perhaps even more important is the big
advance in pig tin which within short time
has risen lac. pound. Early in the present
year the price was $3.50 ton in London.
Now it is $3.50 all owing to the tbimble rig
ging of the same French clique which con-
trolls copper and which in this case also pro-
ceeds on the point that the production has
Jagged behind the consumption, The tin
supply of the world is derived mostly from
Malacca in the Malayan peninsula and
Cornwall, Eng, where the mines have been
known to traders from remote ages. Phuni-
ician navigators took tin from Cornwall to
Tyre and Sidon, the London and New York
of the ancient trading world. Australia
also has large mines and in the far west a
little seems to have Leen found, though il
counts for nothing as factor in the mar
kets. The effect of the rise in pig tin on
NdIIOuo LIduuLdCltutS 10 DS inning 10 De Sc
riously felt. The manufacturers of Britain
MIA ware are now doing nothing and are
calling in their drummers. They cannot
afford to pay the present prices. The can
ners of fruits, meats and vegetables are
likely to feel the pinch later on. One of the
largest consumers of tin in the West is
Philip d. Armour, who is said to use an
nually nearly 100000 boxes of tin plate,
Weighing from liz to 400 pounds to each
box. The tin is used in his business in can
ned meats, and he has broker in New YORK
who attends TO all his buying. Tin plate
has not risen so markedly as the pig tin, of
which it is largely composed Still rise
of SOC. box within a short time is an
item important enough to have serious
effect
THE STANDARD OIL MONOPOLY
uses considerable tin plate and is likely to
get a little of its favorite medicine. before
the deal is over, though Charles Pratt, a
prominent member OF the Standard corpo-
ration is quite large importer of tin plate
to be used in the canning of the petroleum
which is exported from New York to Eu-
rope, Asia and Africa. The largest impor-
tiers, however, are the historic house of
Phelps, Dodge a. Co., all the members of
which are many times millionares The
fortunes of the house were laid early in the
present century, when it secured practically
a monopoly OF the trade in Russia sheet iron,
used so extensively for stove pipes, and
which is manufactured by a process kept a
profound secret in Russia. The late VIII
liam f. Dodge was President of the Cham
be- OF Commerce and his statue stands in